Wall Street Is Rising As Apple Outweighs Amazon

Wall Street’s major indexes rose as a surge in Apple shares on positive results provided enough of a boost to offset Amazon.com’s gloomy warning.

Apple Inc shares rose 6.2% after the iPhone maker’s fourth-quarter results showed some resilience, but the company warned that revenue growth could be hampered in the December quarter.

Amazon.com Inc joined other Big Tech firms in disappointing investors this week by forecasting a slowdown in holiday sales growth amid a drop in consumer purchasing power. The stock dropped 10.7%.

The online retailer is now on the verge of being kicked out of the trillion-dollar club.

Other mega-cap tech firms, including Microsoft, Meta Platforms Inc, and Google parent Alphabet, which reported disappointing earnings earlier this week, were trading higher.

Big Tech earnings are seen as a major test of corporate America’s resilience in the face of decades of high inflation, with only Apple’s report seen as a positive outlier.

“Apple has not cracked like other tech firms and demonstrates how it can be done,” said Ben Barringer, equity research analyst at Quilter Cheviot.

“While we should expect a slowdown in the next earnings report, the company, unlike its big tech rivals, continues to hold up well.”

According to Bank of America Global Research, investors took advantage of a recent drop in US tech stocks this week to buy shares despite the risk of higher interest rates.

Even though US consumer spending increased more than expected in September, data showed that underlying inflationary pressures remained elevated.

When volatile food and energy costs are excluded, the Commerce Department’s core Personal Consumption Expenditures Index, the Fed’s preferred inflation measure, rose 5.1 percent in September, compared to an expected 5.2 percent increase year on year. The Federal Reserve is still expected to raise interest rates by 75 basis points in November. Traders anticipate a 50 basis-point increase in December.

The Dow Jones Industrial Average was up 435.65 points, or 1.36 percent, at 32,468.93 at 10:20 a.m. local time, the S& P 500 was up 31.57 points, or 0.83 percent, at 3,838.87, and the Nasdaq Composite was up 67.05 points, or 0.62 percent, at 10,859.73.

T-Mobile US Inc rose 6.6 percent after raising its annual forecast for wireless subscriber additions, while Intel Corp rose 7.4 percent after cutting its capital spending forecast.

After Tesla CEO Elon Musk completed his $44 billion acquisition of Twitter, the social media company was delisted from the New York Stock Exchange. Tesla stock was down 2.8 percent.

On the NYSE, advancers outnumbered decliners by a 1.33-to-1 ratio, while on the Nasdaq, advancers outnumbered decliners by a 1.05-to-1 ratio.

The S&P500 index hit 21 new 52-week highs and eight new lows, while the Nasdaq hit 44 new highs and 59 new lows.

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